Adapting to current market conditions, Plaza extends token sale into new year
As Plaza, the Total bCommerce™ and MerchantChain™ developer, nears the scheduled end of the PLAZA token generation event (TGE), we are happy to announce that we have already raised over 53% of the 100,000 Ethereum (ETH) hard cap.
While this alone is great news, we have to admit that it is nowhere near the expectation since we started the token sale almost 10 months ago. At the time, the entire cryptocurrency market as gone through a massive bear market, with many of even the biggest coins losing over 90% of their value. This holds true for Ethereum (ETH), which the token sale price for PLAZA is fixed to. While ETH has seen a nice recovery over the last week or two, it is still far under the value it was at the start of our main sale and only a fraction of what it was when we announced our goal of raising 100,000 ETH to see the vision of Plaza come to life.
While the market has struggled to regain life and the hallmark of last year’s ICOs, the individual crowdsale investors, have been driven into hibernation, we have continued to plow forward, negotiating strategic deals with dozens of other businesses, as well as laying the groundwork for our development and execution roadmap.
Over the last week, the Plaza team and advisors have once again wrestled with the tough decisions before us. We know that we have had a good run so far, but as we approach the end of our TGE, there are some potentially large deals on the horizon, as well as what seems to be a cryptocurrency market beginning to bubble up again. Additionally, we have just recently entered into a partnership with two different organizations that will be actively marketing and selling PLAZA to their global clientele and prospects
While our goal has always been to run the token sale to the finish line and let the chips fall where they may, we feel that we would be doing a disservice to all of the stakeholders involved to stop short of the full potential of what may be in the next wave. For that reason, we are announcing the extension of our token sale until February 28, 2019.
We know that this will disappoint some who are anxious to start trading their PLAZA on the open market, we feel that the increase in sales, continued business growth, and potential for upwards pressure on the market in general will benefit every PLAZA token holder. While we are prohibited from getting into details during the sale, please rest assured that we have been hard at work, securing relationships with various exchanges and when the time comes, PLAZA will have plenty of liquidity on the global cryptocurrency market.
Currently, all bounty programs have come to completion. We will be examining the results and may publish more campaigns on bounty0x or other contests directly on our site. Stay tuned for further announcements. As previously stated, all tokens awarded for bounty campaigns and airdrops will only be distributed after the completion of a post-TGE audit. This means that you should not expect the tokens in your wallet until after the sale has finished. As always, those who purchase tokens will receive them immediately in their wallet. However, no matter how you have obtained them, no tokens are transferrable until after the TGE has been finalized.
On the business side, we are continuing to negotiate deals and sign MOUs with other blockchain-based companies. While we have published articles about many of these agreements, we have even more that we have negotiated but have not announced publicly. While the token sale will remain open, our primary focus at Plaza will be on building business relationships that we can rely to grow the concept as we move forward. At the same time, we continue to test and improve the MerchantChain and our technology.
Plaza occupies the intersection of lifestyle and technology.
We are developing the Total bCommerce™ solution, which includes the fast and future-proof MerchantChain™ , the MerchantChain Transaction Coin Standard™, and the Freedom Lifestyle™.
MerchantChain is a blockchain-infused commerce (bCommerce) infrastructure upon which others can build decentralised applications
The MerchantChain Transaction Coin Standard provides valuation stability and certainty for everyday transactions.
Freedom Lifestyle is a suite of product search & payment tools that offer:
- The ability to quickly and conveniently browse the best shopping deals across the whole internet, anytime, and from anywhere;
- The privacy, savings, and security of cryptocurrency payments; and
- The sensible flexibility to enjoy the products of any vendor using non-cash payment methods everyone is familiar with.
Follow the links below to find out more:
White Paper: plaza.systems/whitepaper
Yellow Paper: plaza.systems/yellowpaper
More news & opinion from Plaza: medium.com/plaza-systems